Technical Analysis – DayTradeIdeas
Daily Technical Analysis is provided by Jason Sen of Day Trade Ideas, who has been day trading since the late 1980’s. Jason has been a contributor of Traders Summit since the beginning. He primarily focuses on providing technical analysis of the financial markets, including stock chart patterns, Forex and Metals setups, and other useful technical analysis.
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EURUSD finally broke support to 1.0965/45 for a sell signal to target 1.0880/70 (hit on Friday). We have resistance at 1.0890/1.0900 (& you should be short here with a high for the day at 1.0904). Shorts need stops above 1.0920.
If we unexpectedly continue higher expect strong resistance at 1.0940/60. Shorts need stops above 1.0980.
Shorts at 1.0890/1.0900 can target 1.0850/45, (a low for the day only 3 pips above here yesterday) perhaps as far as 1.0820/00 where a low for the day is certainly possible.
I think longs are risky, but if you try, stop below 1.0785 & look for a 50 pip profit.
A break lower can target 1.0730/20.
EURCAD double top sell signal certainly worked & AT LAST WE HIT MY BUYING OPPORTUNITY AT 1.4600/1.4580 WITH A LOW FOR THE DAY EXACTLY HERE. IT WAS WORTH THE WAIT!!
Longs need stops below 1.4560.
Targets for longs: 1.4670, 1.4700, 1.4750.
EURNZD strong resistance at 1.7535/65. Shorts need stops above 1.7585.
Targets: 1.7450, 1.7420 & perhaps as far as 1.7350. A buying opportunity at 1.7240/20. Longs need stops below 1.7190.
GBPUSD shorts at yesterday’s high for the day exactly at strong resistance at 1.2525/40 are working & we should eventually retest Friday’s low at 1.2445/40. Targets for shorts: 1.2445 & perhaps as far as 1.2360.
AUDCAD shorts at 9030/40 worked perfectly with a high for the day exactly here & a collapse towards the April low at 8950/40 for profit taking.
GBPAUD longs at support at 1.8610-00 worked after we held this support when tested for 4 days in a row, as we edge slowly higher.
We can try a long on another retest this week. We do have a minor support at 1.8700/1.8680 which could be worth trying a long, with stop below 1.8660.
Longs at 1.8610-00 need stops below 1.8570.
Targets: 1.8680, 1.8750 GBPJPY has strong support at 164.45/25. Longs need stops below 167.95.
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Jason Sen, Director
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